TokenBot helps crypto traders build social communities and monetize market knowledge

There are many benefits to automating one’s buying and selling techniques as an alternative of pointing and clicking with a mouse. For starters, bots can execute buying and selling choices freed from emotion, are lighting quick, and have far fewer margins of error. According to CNBC estimates, crypto buying and selling bots account for 70% to 80% of the general buying and selling quantity.

TokenBot is an automatic copy-trading platform designed for social buying and selling teams and communities inside messaging apps equivalent to Discord, Telegram, and Slack. Once added to a social media group, TokenBot displays the admin’s account on an trade and mechanically notifies members of their buying and selling exercise particulars in real-time. The bot has greater than 8,000 every day lively customers and streams near $100 million per day in buying and selling quantity. 

In an unique ask me something session with Cointelegraph Markets Pro customers, TokenBot’s co-founders Anthony Elia and Shaun Newsum shared perception on how the bot may assist crypto traders. 

TokenBot intro and UI | Source: TokenBot

Cointelegraph Markets Pro User: What crypto exchanges are presently supported on Tokenbot?

Anthony Elia and Shaun Newsum: We assist the entire vital spot and futures exchanges. Binance, FTX, Bybit, Coinbase, Kraken and BitMEX. We are increasing to, OKEX, Huobi shortly. Many of our grasp traders who use the platform, particularly these with leverage buying and selling methods, use Binance, with FTX coming in at second place. 

CT Markets Pro User: How does the construction work? I join my API to the bot, and then the trades are shared by associates/group by way of Discord/Telegram? What’s the payment for it?

AE & SN: Yes, you join your API key contained in the dashboard, click on your Discord/Telegram account and then add to the bot in your group chat. There is not any payment to share trades. If customers wish to copy your trades, you’ll be able to set your value as little as $29/month, and TokenBot takes wherever from 10-30% platform relying on the subscription value. TokenBot will mechanically copy these trades to the subscriber’s crypto account by way of their API keys.

CT Markets Pro User: Are the trades shared in close to real-time, or is there a delay?

AE & SN: Are the trades shared in close to real-time, or is there a delay? Yes. Our system connects on to the trade WebSockets API, and we get close to real-time notifications of trades to cut back latency. We have been engineering this technique for over three years.

CT Markets Pro User: Does the bot assist DEXs as properly, or solely centralized exchanges?

AE & SN: Right now, solely centralized exchanges. However, if we assist DEXs, we’ll look to assist dYdX first, given their on-chain perpetual futures contracts product has gotten plenty of steam with traders.

CT Markets Pro User: You talked about transparency as a giant forte of the setup. But what if a dealer, say, trades on Coinbase and then transfers cash to Uniswap and then swap/purchase/promote there? The bot not have the ability to choose up the DEX trades proper? Are there workarounds?

AE & SN: You can cross-copy trades throughout CEX with TokenBot, however there isn’t a technique to inform if the dealer you’re copying withdrew that coin from the trade to say, Uniswap and exchanged it there. But you’ll have a commerce left open till the dealer bought the place from the place it originated. The dealer would ultimately should reply to their group in regards to the nonetheless open commerce. There is not any approach across the dealer manipulating the P&L on their trades.

CT Markets Pro User: There have been many phishing exploits currently involving Discord. How safe is Tokenbot from any such assault?

AE & SN: Since we’re primarily a CEX/API product, our fundamental safety layer is thru {hardware} encryption and IP-restricted API keys “binding.” Most of the API keys in our system can solely be utilized by our servers. For instance, you’ll be able to create an API key to be used with TokenBot on Binance, By bit, and Phemex – and that API secret’s purposeful ONLY on our servers. This restricts the opportunity of any “man-in-the-middle” kind assaults.